It said in a report sponsored by Lloyds Bank Commercial Banking, that two consecutive increases in the female share of directorships have kept Britain's leading manufacturers in line with the wider FTSE 100 and on track to meet the minimum 25% female board representation recommended by Lord Davies in his 2011 Women on Boards report.
Women in Manufacturing is the third annual assessment of female boardroom representation in the sector.
In total, women hold 64 out of 279 directorships in FTSE 100 manufacturers and, for the second year running, all these companies – 25 in total – have at least one woman on their board.
The percentage of new board appointments going to women has increased to 25% (up from 19% last year), a step in the right direction if FTSE 100 manufacturers are to achieve the one-third new appointments target recommended by Lord Davies.
However, the split between executive and non-executive roles remains a challenge for the sector. While the female share of non-executive roles has increased (up from 25% last year to 28% today), their share of executive roles remains stubbornly static at 8%. Only five of the 25 FTSE 100 manufacturing companies have a female executive director.
Terry Scuoler, CEO of EEF, said: "Every single FTSE 100 manufacturer has at least one woman on their board. More importantly, most of those yet to reach 25% female board representation are a hair's breadth away. Britain's leading manufacturers are stepping up to meet Lord Davies' challenge but, there is still some way to go."
He added: "Simply meeting the target is not enough. The imbalance in our sector between the number of women in executive and non-executive roles is a symptom of a wider challenge. It tells us that we are failing to tap into the entire talent pool and must strive to not only build and maintain a satisfactory pipeline of talent, but also address the worryingly low number of women within it.
"Until we attract more female apprentices, graduates and other new entrants we will continue to see women under-represented at all levels in manufacturing, including the boardroom. Failing to tap into this rich resource is a wasted opportunity given our sector's pressing and long-term need for skills."
David Atkinson, head of manufacturing, Commercial Banking SME, Lloyds Bank, said: "As manufacturing continues to play a pivotal role in aiding the growth of the British economy, the onus remains on the industry to encourage the development of skilled workers. That includes creating a more diverse workforce with a greater female representation."
